The Adani Group portfolio delivered yet another outstanding performance with an all-time high quarterly profit (EBITDA) of Rs 23,532 crore, 42 per cent higher year-on-year. The June quarter 2023-24 results compendium for its portfolio of listed companies was released by the conglomerate on Wednesday.
EBITDA is net income before taking out interest, tax, depreciation, and amortization expenses.
The core infrastructure and utility platform, which generates stable and assured cashflows, accounted for 86 per cent of the total portfolio EBITDA and stood at Rs 20,233 crore.
This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position. The cash balance at the end of June 2023 was Rs 42,115 crore, 4.2 per cent higher than a quarter ago.
The success of the incubation story continued under Adani Enterprises. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double year-on-year. With an EBITDA of Rs 1,718 crore, these businesses contributed 7 per cent to the portfolio EBITDA.
The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement. Adani Green reported EBITDA of Rs 2,200 crore, a 67 per cent rise year-on-year.
This was on the back of an increase in operational capacity by 43 per cent to 8,316 MW. The adjacent cement business also showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to Rs 1,253 from Rs 888 in June 2022 quarter and Rs 1,079 in March 2023 quarter. As a result, EBITDA of the cement business grew 54 per cent YoY to Rs 1,935 crore.